Day 2 at Leap 2025 brings USD 7.5 bn in tech, data centers investments

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Tabby taps advisors for potential IPO + Phytome mulls move to Saudi

Good morning, ladies and gents. Leap’s momentum continues for the second day with USD 7.5 bn in investments focusing on data centers. Meanwhile, Gastat is out with its Industrial production index for December, and Rawasi Albina issues a prospectus for its SAR 500 mn sukuk program. Let’s dive in.

HAPPENING TODAY-

FM Faisal bin Farhan arrived in Paris yesterday to lead Saudi Arabia’s delegation at the Artificial Intelligence Action Summit, according to state news agency SPA. The FM and the rest of the Saudi team are set to take part in meetings discussing AI’s future and its potential to serve the public interest.

WEATHER- A rainy Riyadh is looking at a high of 23°C and a low of 9°C today, while over in Jeddah the mercury is set to peak at 29°C and hit a low of 20°C. Meanwhile, Dammam will see light showers and a high of 22°C high and a 12°C low.

PSAs-

SCAI launches USD 1 mn AI league: PIF-owned Saudi Artificial Intelligence Company (SCAI) launched the AI League with a USD 1 mn total prize pool, state news agency SPA reports. The competition — sponsored by the Ministry of Sports and the Saudi Data and Artificial Intelligence Authority — looks to support Saudi’s FIFA World Cup 2034 preparations by leveraging AI methods.

WATCH THIS SPACE-

#1- Tabby is prepping for its IPO: Homegrown BNPL platform Tabby — one of the region's first fintech unicorns — tapped HSBC Holdings, JPMorgan Chase & Co. and Morgan Stanley to advise on a potential IPO, Bloomberg reports citing sources it says are in the know. The company first announced plans to IPO last September, targeting a 2025-2026 window.

Discussions are in their early stages, with the size of the offer and the timeframe yet to be determined. Tabby — valued at USD 1.5 bn in its latest funding round — could reportedly raise additional funds before the offering.

#2- Phytome mulls move to Saudi: UK-based biotech firm Phytome Life Sciences plans to establish a regional HQ in the Kingdom, as it looks to double down on taking plant-based treatments to market and spur the development of biotech unicorns, CEO Sebastian Vaughan told Bloomberg.

The details: Phytome will launch a venture studio in Riyadh and establish local manufacturing facilities, while harnessing Saudi funding to produce treatments and materials developed by its UK-based research centers. No additional information on timeline or financials were disclosed.

Saudi backing: The company is currently in talks with Saudi family offices and international investors for fundraising. The move has also been backed by our Research Development and Innovation Authority, in line with the Kingdom’s targets to generate USD 34.6 bn (3% of GDP) from biotech by 2040, Bloomberg reported

#3- Erad Partners Capital is now able to manage investments in securities, after receiving Capital Market Authority approval, according to a statement.

DATA POINTS-

#1- The Kingdom invested SAR 1.3 bn in mineral exploration over the past five years, with drilling activity exceeding 500k meters in 2023, Deputy Minister for Mineral Resources Abdulrahman Al Balooshi told CNBC Arabia (watch, runtime: 2:55). Mineral exploration companies in the Kingdom increased from six to 133 between 2018 and 2023, backed by government incentives and increased access to geological data, Al Balooshi added.

REMEMBER- Saudi Arabia has big mining plans: The ministry launched a SAR 685 mn incentive package last year as part of efforts to expand the sector and tap reserves of gold, phosphate, and others. The ministry plans to offer 50k sq km of mineralized areas — including gold and copper reserves — for exploration this year, Al Balooshi confirmed.

#2- Cargo handling volumes at Saudi ports increased 16.7% y-o-y in January to 27.6 mn tons, according the Saudi Ports Authority (Mawani). Export containers were up 53.2% to 271.7k containers, while imported containers increased 39.6% y-o-y to 293.8k containers.

#3- The Transport General Authority distributed more than 1 mn operating cards for registered vehicles in 2024, the authority said on X. 815k cards were issued through the electronic Logisti platform, up 31% y-o-y, while 189k operating cards were issued through physical outlets.

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THE BIG STORY ABROAD-

The international scene is once again rife with potential conflict, after an unexpected announcement from Hamas threatened to reignite conflict in the region and put an end to the precarious ceasefire agreement in Gaza.

Gaza truce is hanging in the balance: Hamas said yesterday it will delay releasing Israeli captives indefinitely, citing Israel opening fire on Palestinians, as well as delays in allowing return to northern Gaza and delivering humanitarian aid. Israel denied any violations, and instructed its military to prepare “for any possible scenario.”

Trump butts in: While mediators and international powers are scrambling to save the situation, US President Trump advised Israel to cancel the agreement and “let hell break loose” if Hamas does not comply by Saturday noon. Trump also threatened to cut off aid to Egypt and Jordan if they refuse to take in forcibly displaced Palestinians. (Bloomberg | CNN | NYTimes | Reuters)

SPEAKING OF TRUMP- The latest trade salvo saw the president impose 25% tariffs on all imports of steel and aluminum, in a move that will impact Mexico and Canada as the US’ top foreign metal suppliers. The new measures are reportedly set to take effect on 4 March. (Bloomberg | CNBC | FT)

IN THE BUSINESS WORLD- Elon Musk and a group of co-investors submitted a whopping USD 97.4 bn bid to fully acquire ChatGPT maker OpenAI. “No thank you,” CEO Sam Altman responded in a post on X. Musk was one of OpenAI’s co-founders, before leaving in 2018. (CNBC | CNN | Reuters)

Day 2 at Leap 2025 brings USD 7.5 bn in tech investments

The second day of Leap 2025 saw the signing of agreements worth some USD 7.5 bn, with a strong focus on building out Saudi’s data center capacity, state news agency SPA reports.

DataVolt wins big: Riyadh-based data infrastructure and analytics firm DataVolt signed a USD 5 bn agreement with Neom’s industrial city Oxagon to set up a fully sustainable AI data center with an initial capacity of 300 MW capacity, eventually ramped up to 1.5 GW. The company also signed an agreement with the Saudi Authority for Industrial Cities and Technology Zones (Modon) to set up a 55k sqm data center in Riyadh, with a SAR 2.5 bn ticket.

Datavolt’s center is part of a bigger push by Modon, as it inked 7 agreements and contracts worth SAR 6.4 bn, including 4 data centers which will span a total area of 275k sqm, it said in a post on X. Partnerships included a SAR 2.6 bn data center with homegrown Ezditek, and a SAR 1.3 bn data center with UAE-based Gulf Data Hub.

Even more investments in data centers: Alfanar is to invest USD 1.4 bn in establishing 4 data centers at a total capacity of 88 MW, according to a post on X. Meanwhile, Mobily will invest USD 905 mn to establish AI data centers with a 39 MW capacity, as well as submarine cables connecting Saudi to Africa and Europe. US-based Zoom is also investing USD 75 mn in the Kingdom’s AI landscape, including setting up data centers servicing local companies and government entities.

IN CONTEXT- The Kingdom is putting out the welcome mat for more local data centers, and is currently hashing out a regulatory framework that would grant data centers protection status akin to that of embassies in a bid to tempt more global players to relocate their data centers to Saudi.

More highlights from Leap’s day two:

SkyFive Arabia will invest USD 100 mn in Air2Ground solutions;

Saudi Arabia Railways is investing USD 51 mn in fiber optic network services;
PIF’s Saudi Entertainment Ventures (Seven) signed a strategic agreement with Tawal to develop and operate neutral digital infrastructure across Seven's 21 entertainment destinations;
Aster DM Healthcare launched its digital healthcare app myAster in the Kingdom.
Vodafone Business IoT is joining forces with Mobily to bring IoT connectivity services to the Kingdom;
Colleges of Excellence and Zain KSA signed an MoU on developing academic and training programs.

ICYMI- Leap’s day one saw USA 14.9 bn in tech investments unveiled, including a USD 1.5 bn agreement between Groq and Aramco Digital to launch the world’s largest AI inference node in the Kingdom, and breaking ground on Lenovo’s manufacturing hub backed by a USD 2 bn investment from PIF tech arm Alat.

Saudi industrial production up 2.1% y-o-y in December

The industrial production index (IPI) grew 2.1% y-o-y in December, marking the third consecutive month of an overall increase in manufacturing activity, according to a monthly report (pdf) from the General Authority for Statistics (Gastat). On a monthly basis, the index posted a 1.3% increase. The IPI uses survey data to measure changes in industrial production volumes across the Kingdom.

The manufacturing sub-index was up 6.3% y-o-y on the back of a 9.3% increase in the manufacture of pet coke and refined petroleum products, and a 4.8% rise in chemicals and chemical products. Manufacturing makes up 35% of the overall IPI, making it the second-heaviest component after oil and minerals. The sub-index also rose 5.1% m-o-m.

Mining and quarrying activity declined 0.4% y-o-y as oil production dipped to 8.91 mn bbl / d, down from 8.94 mn bbl / d in 2023. The mining and quarrying sector activity makes up 61.4% of the overall IPI. The sub-index also fell 0.2% m-o-m.

The index for non-oil activities was up 4.0% y-o-y on the back of growth across all non-oil sectors, except for electricity, gas, steam, and air conditioning supply. Meanwhile, the index for oil increased 1.3% y-o-y.

IN CONTEXT- December saw non-oil sector growth slow down for the first time since August, despite a record increase in sales and new orders. This followed the sector’s strongest performance in November.

Utilities had mixed results: The sub-index for electricity, gas, steam, and air conditioning supply activity dropped 1.9% y-o-y in December, while water supply, sewage, and waste management and remediation activities were up 0.8%.

Rawasi Albina issues prospectus for SAR 500 mn sukuk program

Rawasi is one step closer to selling sukuk: Tech and telecom advisory firm Rawasi Albina Investment is out with a prospectus (pdf) for the upcoming SAR 500 mn sukuk program, which will see the issuance of multi-tranche SAR-denominated offerings to qualified investors. The program received the go-ahead from the Capital Market Authority last month.

The details: Investors can subscribe for a minimum of 5 sukuk (SAR 5k) and a maximum of 500 sukuk (SAR 500k) — at a par value of SAR 1k each — with total allocations subject to the overall program cap of SAR 500 mn. The specific offer period and maturity dates for each tranche will be provided at a later date in the final terms for each issuance, the prospectus read.

Use of proceeds: Proceeds from the offerings are earmarked for “general corporate purposes” through two Shariah-compliant structures — mudaraba and murabaha. The mudaraba portion should not be less than 51%, while the murabaha portion will not exceed 49%.

ADVISORS- Al Khair Capital will act as the sole arranger and financial advisor on the issuance. Receiving agents include SNB Capital, BSF Capital, Alrajhi Capital, Riyad Capital, Albilad Capital, Aljazira Capital, Alistithmar Capital, Derayah Financial, Alinma Investment, ANB Capital, Yaqeen Capital, Alkhabeer Capital, SAB Invest, and Sukuk Capital.

ALSO FROM DEBT MARKETS-

Saudi Electricity Company (SEC) has begun investor meetings for a potential USD-denominated sukuk issuance, part of its international sukuk program, it said in a disclosure to Tadawul. The offering will be available to eligible investors in Saudi Arabia and internationally, pending regulatory approvals. The size of the senior unsecured issuance is yet to be determined

Use of proceeds: Funds raised through the issuance will be earmarked for SEC's corporate purposes, capital expenditures, and potential financings for projects under the company’s Green Sukuk Framework.

ADVISORS- Joint Lead Managers for the potential offering include HSBC, Standard Chartered Bank, Abu Dhabi Commercial Bank, First Abu Dhabi Bank, Mizuho, MUFG, SMBC, Intesa Saopaolo, Alistithmar Capital, BofA Securities, ICBC, BNP Paribas, Emirates NBD Capital, Natixis, Dubai Islamic Bank PJSC, Bank of China, and SNB Capital.

BRKZ closes USD 17 mn series A round + WideBot raises USD 3 mn in a Pre-Series A round

Riyadh-based construction tech startup BRKZ closed a USD 17 mn series A funding round, with participation from BECO Capital, Aramco’s Wa’ed Ventures, 9900 Capital, Better Tomorrow Ventures, RZM Investment, Class 5 Global, MISY Ventures, Knollwood Investment Advisory, and Fluent Ventures, according to a statement (pdf).

The breakdown: The round includes a fresh USD 8 mn in series A2 funding plus USD 1 mn in venture debt from Capifly raised last month, in addition to a previous USD 8 mn Series A1 funding in January 2024. This brings BRKZ’s total funding to USD 22.5 mn.

Use of proceeds: The funds will be used to scale BRKZ's tech platform as the company plans to expand into Saudi Arabia’s Northern and Southern regions in 2025 and enter global markets, focusing on China and India.

What they said: “Given our momentum, our next funding milestone will be a significant series B round, aimed at accelerating expansion, enhancing our fintech capabilities, and deepening our impact in the industry,” a representative from BRKZ said in an email to EnterpriseAM Saudi.

About BRKZ: Founded in 2022 by Ibrahim Manna (LinkedIn), BRKZ offers a B2B platform that connects suppliers and contractors in the construction industry, attempting to address fragmented, manual procurement processes. BRKZ served over 850 contractors and processed USD 350 mn in RFQs in 2024, supporting gigaprojects like Neom and Red Sea, the statement said.

ALSO FROM STARTUP LAND-

Riyadh-based AI solutions startup WideBot AI raised USD 3 mn in a Pre-Series A funding round, it said in a press release (pdf). The round was co-led by Al Wafra II-backed Keheilan Asset Management, Enza Capital, and DisrupTech Ventures, with participation from Den VC and SparkLabs Ventures.

Use of proceeds: The funds will be mainly used to accelerate the development of WideBot’s proprietary AQL Mind model — the first Arabic large language model (LLM) hosted on Saudi cloud servers, according to the statement. AQL Mind will allow WideBot to “deliver a highly accurate, secure, and tailored AI experience specifically designed for Saudi government entities and businesses,” CEO and co-founder Mohamed Nabil told EnterpriseAM.

Ambitious goals: “We’re targeting a 2.5x increase in revenue and sales compared to last year, driven by strategic investments in technology, talent, and partnerships that will solidify our leadership in the Mena AI market,” Nabil added.

About Widebot: Initially established in Cairo, WideBot delivers Arabic-focused AI solutions to governments and businesses across the region, serving over 350 clients in 12 countries, including Saudi’s Ministry of Hajj and Umrah and Egypt’s Tax Portal.

Leejam Sports’ net income up 28% in 2024

LEEJAM SPORTS-

Leejam Sports’ net income was up 28% y-o-y to SAR 456 mn in 2024, supported by one-off gains from land sales in Riyadh and favorable rent negotiations in the UAE, it said in a disclosure to Tadawul. Revenues were up 13.3% y-o-y to SAR 1.5 bn on the back of a 10% y-o-y rise in subscriptions and a 31% increase in paid programs, such as personal training and swimming.

On a quarterly basis: Net income fell 20.9% y-o-y at SAR 102 mn in 4Q 2024, weighed down by higher operating costs, lower gains from murabaha, and losses incurred by associated group entities and investments. Revenues, however, rose 2.5% during the quarter to SAR 408 mn, driven by growth in subscriptions and paid programs.

ALSO- Leejam’s board is distributing SAR 61.7 mn in dividends for 4Q 2024 at SAR 1.18 a piece, the firm said in a separate disclosure. Distribution is set for Wednesday, 5 March 2025.

EFG Hermes KSA taps Khalid Al Sweilem as chairman

EFG Hermes KSA taps new chairman: Our friends at EFG Hermes appointed Khalid Al Sweilem (LinkedIn) as chairman of the firm’s Saudi arm as the investment bank continues to push into the Saudi market, according to a statement (pdf). Al Sweilem wears several hats in tandem with his new role, including chairman of asset management firm Ninety One Capital Saudi Arabia and visiting scholar at Stanford University’s Center for Sustainable Development and Global Competitiveness. His career of over 30 years has also seen him serve as the Saudi Central Bank’s head of investment.

ICYMI- EFG Hermes made a play for the Saudi market in November with the launch of a USD 300 mn Saudi Education Fund, a few months after EFG Holding’s CEO Karim Awad announced the company’s plan to increase its staff in the Kingdom by 30% to 47 employees amid a rush of IPO activities.

What they said: “Dr. AlSweilem’s appointment comes at a critical time for EFG Hermes KSA as we continue to scale our operations and introduce innovative financial solutions tailored to the evolving needs of the Saudi market. His wealth of knowledge and leadership will undoubtedly enhance our ability to deliver world-class financial services across the Kingdom,” EFG Hermes KSA CEO Saud Altassan said.

ALSO- Saudi Enaya Cooperative Ins. Company appointed Nasr Aldin Baba (LinkedIn) as acting CEO for a period of six months, replacing Sultan Abdulrauf (LinkedIn) who resigned in December due to personal reasons, the company said in a disclosure to Tadawul. Baba has upwards of 16 years of experience across a range of sectors and has served as Saudi Enaya’s CFO since August 2024. He was previously CFO at Bcare Ins.

VA Tech Wabag secures USD 371 mn EPC contract for Al-Haer sewage treatment plant

INFRASTRUCTURE-

VATech Wabag landed a USD 371 mn EPC contract for the Al Haer sewage treatment plant in Riyadh, it said in a disclosure to the Indian Exchange (pdf). Wabag will lead the design and construction of the plant in partnership with Mutlaq Al Ghowairi Contracting Company.

REMEMBER- The consortium behind the Al Haer sewage treatment plant, including Marafiq, Miahona, and Besix, secured financial closure for the SAR 1.5 bn project earlier this week, with financing from Banque Saudi Fransi, Arab Petroleum Investment Corp, and Riyad Bank.

About the project: The Al Haer sewage treatment plant, operating under a 25-year Build, Own, Operate, and Transfer (BOOT) model, with a daily treatment capacity of 200k cubic meters, is set to begin operations in December 2026. It will also feature a 32 km treated sewage effluent (TSE) system with a daily capacity of 400k cubic meters.

OIL & GAS-

Saudi Steel Pipe (SSP) subsidiary lands SAR 910 mn contract with Aramco: Global Pipe Company, a consolidated subsidiary of Tadawul-listed SSP, received a SAR 910 mn order to supply LSAW pipes for Aramco’s accelerated carbon capture and sequestration project in Jubail, according to disclosure to Tadawul. The contract runs for up to 15 months.

REMEMBER- Aramco’s project is set to become the largest in the world when it begins production in 2027 or 2028, with a forecasted storage capacity of 9 mn tons.

M&A-

#1- Nomu-listed management consulting firm Tharwah plans to increase its acquisition offer for Amjad Watan for Exhibitions and Conferences Management to 100%, up from the originally proposed 49%, according to a disclosure to Tadawul. Details regarding the transaction's size and timeline have not been made public yet.

ICYMI- Tharwah tapped Mekyal Financial Technologies as a financial advisor to oversee the transaction in December, after signing a binding MoU to acquire the originally proposed stake in a six-month time.

#2- Pubbles is now part of Mush Social: Mush Social finalized the acquisition of social media app Pubbles as it seeks to expand its user base and digital footprint, according to a press release. Technical integration of both platforms will begin within three months. The value of the agreement were not disclosed.

About the platforms: Mush Social, founded in 2022, enables users to share photos, videos, messages, and music through public posts and private chats, with interactive points earned from engagement to promote posts. The company closed a USD 1.2 mn pre-seed round in November. Pubbles, launched in 2020 under KAUST’s Taqadam Accelerator and Misk Launchpad, focuses on privacy, allowing users to create private “Pubbles” for secure, judgment-free community interactions.

AVIATION-

Panasonic Avionics will provide comprehensive in-flight entertainment maintenance services for Riyadh Air’s fleet of 32 Boeing 787 Dreamliners under a ten-year turnkey agreement, according to a press release from Panasonic Avionics. No financial information was provided for the agreement, set to go into effect once Riyadh Air begins commercial operations in late 2025.

ALSO- Panasonic Avionics will set up a new maintenance, repair, and overhaul (MRO) services station in Riyadh, specializing in Dreamliner systems. It will hire, train, and educate local staff to support the facility.

ENTERTAINMENT-

Six Flags will manage two of Qiddiya’s theme parks: PIF’s Qiddya Investment Company signed a comprehensive Management Services Agreement to have US-based Six Flags Entertainment Corporation manage and operate two Saudi theme parks — Six Flags Qiddiya City and Aquarabia Water Theme Park— set to open in late 2025, according to state news agency SPA. The value of the agreement was not disclosed.

Trump’s steel, aluminum tariffs plan sees non-US metal stocks fall and US steel stocks rise

Trump’s latest tariffs on steel and aluminum are roiling global metals markets: US President Donald Trump’s Sunday announcement that he would impose 25% tariffs on steel and aluminum imports fueled a rally in US steel stocks yet spurred their Asian and European counterparts into the red as markets took measure of how the new tariffs will impact inflation, global growth, and trade flow.

Which countries will be most impacted? The tariffs will apply to all steel and aluminum producers without exception — a shift from Trump’s first term, which saw him eventually grant Mexico and Canada exemptions from his 25% tariff on steel and 10% tariff on aluminum. Sunday’s decision will particularly impact key US metal suppliers in Canada, Mexico, Brazil, Japan, the EU, South Korea, Vietnam, and Taiwan, with more tariffs expected to follow as trade partners impose retaliatory tariffs.

Metal stocks rally in the US, fall elsewhere: US steel manufacturers saw their shares get a significant bump during Monday trading as much of the rest of the world’s steel manufacturers saw their share prices slip. The US’ largest steelmaker Nucor closed yesterday up 5.6%, while Cleveland-Cliffs saw gains of 18%, and Steel Dynamics (5%), Century Aluminum (10%), and US Steel (5%) all closed in the green yesterday.

Meanwhile, European and Asian steelmakers without operations in the US saw their shares slip up to 2.5% on Monday, with most steel and aluminum producers trending flat or registering losses. The only exceptions to the trend were non-US steelmakers with significant operations in the US, with Australia’s steelmaker BlueScope logging a two-month high as investors bet on hopes that the company’s US operations would benefit from the tariffs.

Expect more steel manufacturers to set up shop in the US: Steel producers are reportedly making plans to bring their supply chains to the US to reduce costs ahead of the tariffs, with the world’s largest steelmaker ArcelorMittal and South Korea’s Hyundai Steel among the companies getting ready to establish plants stateside.

That target doesn’t seem to be China this time: Despite China’s position as the world’s largest steel producer and exporter, the country has largely been shut out of the US market since Trump imposed 25% tariffs on imported steel in 2018 — leaving it with little to lose from this newest round of tariffs. However, Beijing is currently facing 10% US tariffs on Chinese imports, with markets watching closely for signs of escalation or a potential agreement.

The tariffs aren’t necessarily good news for US manufacturers, particularly those in industries reliant on imported steel and aluminum who will now face higher prices for the 25% of the country’s steel imports. “US manufacturers will have to wear higher prices as a result of these 25% tariffs,” Australian and New Zealand Bank’s Commodities Strategist Daniel Hynes told Reuters.

Trump’s latest move is rekindling concerns over whether the unfolding trade war will push inflation higher or drag down global growth. European Central Bank Vice President Luis de Guindos noted that tariffs constitute a “supply shock” that will hit global economic growth hard. “The impact on inflation is much less clear,” de Guindos said. “If you have a fall in economic activity, then immediately that tempers the evolution of inflationary tensions.”

Analysts are penciling in continued market uncertainty for the foreseeable future as the cumulative effect of Trump’s tariffs gradually becomes clear. “Trade War 2.0 is different in scope and implementation from Trade War 1.0 in 2018 as it involves more countries ... [and] includes all US major trading partners that have significant trade surpluses with the US,” forex and crypto trading firm Oanda’s Kelvin Wong told Reuters. “All in all, [it] may upend global trade flows that in turn dampen global economic growth prospects, which may lead to a stagflation environment” not seen since the global recession of 2009.

MARKETS THIS MORNING-

Asian markets are mixed in early trading this morning — the Shanghai Composite is down 0.2%, the Hang Seng is up 0.3%, while the Kospi is looking at gains of 0.5%.

TASI	12,472	0.0% (YTD: +3.6%)
MSCI Tadawul 30	1,551	0.0% (YTD: +2.8%)
NomuC	31,427	0.0% (YTD: -0.2%)
USD : SAR (SAMA)	USD 3.75 Sell	USD 3.75 Buy
Interest rates	5.0% repo	4.5% reverse repo
EGX30	29,905	-0.4% (YTD: +0.6%)
ADX	9,631	+0.5% (YTD: +2.3%)
DFM	5,261	+0.4% (YTD: +2.0%)
S&P 500	6,066	+0.7% (YTD: +3.1%)
FTSE 100	8,768	+0.8% (YTD: +7.3%)
Euro Stoxx 50	5,358	+0.6% (YTD: +9.4%)
Brent crude	USD 76.09	+1.9%
Natural gas (Nymex)	USD 3.44	+4.1%
Gold	USD 2,934	+1.6%
BTC	USD 97,331	+2.2% (YTD: +4.1%)

THE CLOSING BELL: TADAWUL-

The TASI was flat yesterday on turnover of SAR 5.9 bn. The index is up 3.6% YTD.

In the green: Albabtain (+4.4%), East Pipes (+3.8%) and MCDC (+3.5%).

In the red: Alyamamah Steel (-6.3%), SFICO (-5.3%) and Leejam Sports (-4.8%).

THE CLOSING BELL: NOMU-

The NomuC was flat yesterday on turnover of SAR 77 mn. The index is down 0.2% YTD.

In the green: FAD (+15.8%), Alwasail Industrial (+9.4%) and Pan Gulf (+6.3%).

In the red: Aldawliah (-9.3%), WSM (-7.3%) and Quara (-5.2%).

CORPORATE ACTIONS-

#1- Saudi Fisheries Company’s board recommended a capital hike to SAR 334.9 mn through a rights issue, it said in a disclosure to Tadawul. The company has yet to appoint a financial advisor and secure shareholders and regulatory approvals.

#2- Alkhabeer Capital is distributing SAR 8.3 mn in dividends to unitholders of its Diversified Income Traded Fund 2030 for the period between 17 July to 31 December 2024 at SAR 0.27 per unit, it said in a disclosure to Tadawul. Distributions will take place within 10 days of the entitlement date on Monday, 17 February.

#3- Tadawul-listed Raoom Trading’s BoD recommended doubling the firm’s capital to SAR 125 mn by granting bonus shares to shareholders, at a rate of one bonus share for each share held, according to a disclosure to Tadawul. The capital hike will be financed by retained earnings and looks to strengthen the company’s capital base.

REMEMBER- Raoom recently rang the bell on the main market following its transition from Nomu, with shares closing 5.2% down at SAR 183 apiece on its debut.

CALENDAR

EVENTS WITH NO SET DATE

1Q: BinDawood Holding expected to close 100% acquisition of Zahrat Al Rawdah Pharma.

FEBRUARY

10-12 February (Monday-Wednesday): Saudi Travel Market, Riyadh International Exhibition Center.

10-13 February (Monday-Thursday): Leap 2025, the Kingdom’s premier tech investment conference.

12-13 February (Wednesday-Thursday): PIF Private Sector Forum, King Abdul Aziz International Conference Center, Riyadh.

14-15 February (Friday-Saturday): Formula E, Diriyah.

14-15 February (Friday-Saturday): Jeddah E-Prix, Jeddah.

15-18 February (Saturday-Tuesday): Week one of Big 5 Construct Saudi, Riyadh Front Exhibition & Conference Center.

16-17 February (Sunday-Monday): AlUla Conference for Emerging Market Economies, AlUla.

18 February (Tuesday): The Capital Markets Forum, KAFD Conference Centre, Riyadh.

18-20 February (Wednesday-Thursday): The Capital Markets Forum, KAFD conference centre, and the Four Seasons, Riyadh.

19 February (Wednesday): Derayah REIT dividend distribution.

19-21 February (Wednesday-Friday): Saudi Media Forum, Riyadh.

19-21 February (Wednesday-Friday): FII Priority Miami, Miami, USA.

21-22 February (Friday-Saturday): The Saudi Cup, Riyadh.

22 February (Saturday): Founding Day.

22 February (Saturday): Dazn Boxing event: Beterbiev vs Bivol II, Riyadh.

23-27 February (Sunday-Thursday): Riyadh International Disputes Week, Hilton Riyadh Hotel Granada.

24 February (Monday):Public Sector Excellence Forum, Movenpick Hotel & Residence Riyadh.

24-25 February (Monday-Tuesday): The Riyadh International Humanitarian Forum, Riyadh.

24-27 February (Monday-Thursday): Week two of Big 5 Construct Saudi, Riyadh Front Exhibition & Conference Center.

MARCH

1-30 March: Ramadan (TBC).

18-19 March (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

31 March- 3 April (Monday-Thursday): Eid Al Fitr.

31 March (Monday): Deadline for applying to theReal Estate General Authority’s Regulatory Sandbox Program.

31 March (Monday): Deadline for applying to the World Intellectual Property Organization (WIPO) Global Awards 2025

APRIL

7-9 April (Monday-Wednesday): Sports Investment Forum (SIF), Riyadh.

3-20 April (Thursday-Sunday): AFC Asian U17 Cup.

13-14 April (Sunday-Monday): Human Capability Initiative (HCI) Conference, King Abdulaziz International Conference Center, Riyadh.

13-16 April (Sunday-Wednesday): EdgeX HCI, The Ritz Carlton, Riyadh.

14-16 April (Monday-Wednesday): Future Hospitality Summit, Mandarin Oriental Al Faisaliah, Riyadh.

18-20 April (Friday-Sunday): Saudi Arabian Grand Prix, Jeddah,

21-24 April (Monday-Thursday): Saudi Food Exhibition and Conference, Riyadh.

22-23 April (Tuesday-Wednesday): AAM Middle East, Riyadh.

23-25 April (Wednesday-Friday): Construction and Real Estate Development Exhibition, Jazan.

25 April- 4 May (Friday-Sunday): AFC Champions League Elite Finals

MAY

May: The World Intellectual Property Organization (WIPO) Global Awards 2025 announces its results.

6-7 May (Tuesday-Wednesday): Federal Open Market Committee meeting.

12-15 May (Monday-Thursday): Saudi Smart Manufacturing, Riyadh International Convention & Exhibition Center.

13-14 May (Tuesday-Wednesday): Global EV & Mobility Technology Forum, The Arena, Riyadh.

19-20 May (Monday-Tuesday): Tech-ecO-System Summit (ToSS), Riyadh.

23 May (Friday): Guns N’ Roses Show, Riyadh.

31 May-5 June (Saturday-Thursday): Hajj.

JUNE

6-9 June ( Friday-Monday): Eid Al Adha.

17-18 June (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

26 June (Thursday): 2024-2025 academic year ends.

30 June (Monday): Deadline for Cancellation of Fines and Exemption of Financial Penalties Initiative by the Zakat, Tax and Customs Authority (Zatca).

JULY

July: The World Intellectual Property Organization (WIPO) Global Awards 2025 awards ceremony, Geneva.

31 July (Thursday): Deadline for companies with SAR 2.5 mn or more in 2022/2023 revenues to integrate e-invoicing solutions with Fatoora.

29-30 July (Tuesday-Wednesday): Federal Open Market Committee meeting.

AUGUST

5-17 August (Tuesday-Sunday): Fiba Asian Cup.

SEPTEMBER

15-17 September (Sunday-Tuesday): Money 20/20 Middle East, Riyadh.

17-18 September (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

23 September (Tuesday): Saudi National Day.

OCTOBER

28-29 October (Tuesday-Wednesday): Federal Open Market Committee meeting.

NOVEMBER

3-9 November (Monday- Sunday): WTA Tour Finals.

24-26 November (Monday-Wednesday) The World Advanced Manufacturing & Logistics Saudi Expo, Riyadh Front Convention & Exhibition Centre, Riyadh.

27-30 November (Thursday-Sunday): The World Rally Championship (WRC), Jeddah.

DECEMBER

1-4 December (Monday-Thursday): International Conference on Nuclear Emergencies, Riyadh.

December: The Fortune Global Forum 2025, Riyadh.

9-10 December (Tuesday-Wednesday): Federal Open Market Committee meeting and Summary of Economic Projections.

2026

UN Trade and Development Global Supply Chain Forum to take place in Saudi Arabia.

8-12 February (Sunday-Thursday): World Defense Show, Riyadh.

26-29 October (Monday-Thursday): World Energy Congress, Riyadh.

2027

The World Water Forum takes place in Riyadh.

The Ocean Race finishes in Amaala on the Red Sea.

Riyadh-Kudmi transmission line to be completed.

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